Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #67: almost half of all businesses file for a tax extension, so why shouldn’t I?
The simple reality for a lot of business owners is one of the following:
Bottom line: there’s just not enough time in the beginning of the year to do everything a business owner needs to do. And as a result things (most likely taxes) get pushed to the side in favor of more pressing matters like trying to be profitable. That’s why filing a business tax extension is such an overwhelmingly popular option.
Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15 (or March 15 for the corporate tax deadline). An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Let’s chat more in the comment section below.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #66: you started a new business and didn’t realize you are missing a lot of documents you need to file.
In an economic downturn like the one we’re experiencing in the US, there’s an uptick in new businesses being created. Due to the lack of jobs, many ex-corporate employees have decided to take matters into their own hands and create their own company.
As a result of this trend, this year there are more people than usual filing business income taxes for the very first time. First-timers experience the learning curve of figuring out what documents are required, exactly what forms have to be filed, etc. That can be a pain, especially when you’re trying to spend your time growing your business.
While trying to climb the learning curve, a business tax extension can be a solid option for first-time business tax filers. Depending on your business type, you can get an extra 5 or 6 months to file that initial tax return. Getting the extra time is a better option than filing late because you’ll avoid late filing penalties.
Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15 (or March 15 for the corporate tax deadline). An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Let’s chat more in the comment section below.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #65: it’s fast – file a tax extension online in just 5 minutes.
What sounds better? Endless highly-stressful hours spent flailing around to get your taxes filed on time or 5 minutes to give yourself an extra 6 months to file?
No-brainer, right?
For all of the hardship and stress that filing a tax extension at the last minute can bear, filing a tax extension is refreshingly fast. In 5 minutes or less, you can e-file a tax extension directly to the IRS and have the security of an extended tax deadline.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #64: just because your business didn’t make any money last year doesn’t mean you get a free pass to file taxes on time.
Unfortunately, the tax deadline for businesses is not variable. It’s etched in stone. Whether your business was profitable or if it lost money last year, it’s still responsible for filing taxes on time. The only way a businesses tax deadline can changed is by filing a tax extension.
A business tax extension changes the tax deadline from March 15 to September 15 for corporations and April 15 to October 15 for most other business types.
Failure to file taxes on time can result in late filing penalties. Those penalties are wiped out as long as your business at least filed an extension.
Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15 (or March 15 for the corporate tax deadline). An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Let’s chat more in the comment section below.
A fair warning to the corporate tax filers out there:
The 2010 corporate tax deadline is March 15, not March 16.
I have seen several websites publicize March 16 as the deadline date (I won’t link to them because we all make mistakes). I think the reason why there might be confusion is because the 2009 corporate tax deadline was March 16. The reason why it was March 16 was because the 15th fell on a Sunday. This year March 15 is on a Monday…and that Monday is not a federal holiday.
By no means am I trying to rob anyone of an extra day to file their corporate taxes. I just want people to have the correct info.
If that actual date doesn’t make any difference and you’ll need more time anyway, remember that you have the option to file a corporate tax extension. You’ll get an extra 6 months to file your taxes.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #63: you sold some stocks or similar investments and things are more complicated for you tax-wise.
The good news is you made some extra cash last year by selling that hot tech stock that shot through the roof. The bad news is you have to pay capital gains tax and you’re not really sure what that means in terms of filing your taxes.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #62: my business partners and I just can’t find a time to meet.
It’s challenging for a business to find a convenient time to get all of the decision makers together at one table. Everyone is off doing their job trying to make the business better, more profitable. When the agenda for a meeting includes discussing tax implications, it’s even harder to avoid the scenario in the picture – one person sitting alone twiddling his thumbs.
This is especially true in small entrepreneurial ventures where partners might have other jobs or more than one venture that demands their time.There just never seems to be a good time to get together and talk taxes.
For this reason, some businesses choose to file a business tax extension so that they can meet and make decisions together about the company’s finances and their tax situation. An extension is a great option because it gives companies more time to work around everyone’s busy schedule and finally have that meeting everyone is dreading.
Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15 (or March 15 for the corporate tax deadline). An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Let’s chat more in the comment section below.
Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.
Here’s reason #61: your business shuts down in preparation for March Madness.
So let me get this straight. The start of men’s college basketball tournament (a.k.a. March Madness) and the corporate tax deadline are the same week? How on earth is a business owner supposed to concentrate on taxes when there are brackets to fill out?
